Hyperdynamics Corporation Engages Dr. Olufemi Babalola as Petroleum Development Manager and Chief Geophysicist

June 17, 2008

SCS Corporation has engaged Dr. Olufemi O. Babalola as its new Manager of Petroleum Development and Chief Geophysicist. Dr. Olufemi Babalola is a geoscientist with more than thirty years of geophysical and geological work experience, both domestic and internationally in the exploration for, and development of hydrocarbons.  Dr. Babalola’s addition to the exploration team, led by the Company’s Executive Vice President of Exploration and Production, Mr. James Spear, lays the foundation for substantially enhancing and reinforcing upstream exploration efforts and simultaneously lays the foundation for the Company’s downstream exploration and development capability.

In addition to being a dramatic enhancement to the Company’s 2-D and 3-D seismic interpretation and analysis capabilities, Dr. Babalola will oversee and run all Hyperdynamics’ Field Development, and Near-Field Exploration work within the G&G Operations of the company.

Commenting, Dr. Babalola said, "I am excited at returning to the US from my Middle East stint with Saudi Aramco to join Hyperdynamics' top-flight exploration and production team. I aim to immediately contribute my globally-acquired technical and management expertise for Hyperdynamics’ future success in the extensive international acreage offshore the Republic of Guinea, as well as the domestic holdings in Louisiana."

Dr. Babalola has most recently provided consulting and geo-technical leadership in field development work with Saudi Aramco where he developed sophisticated workflows with multiple application-software, for Real-Time Reservoir Characterization for Geosteering operations in both clastic and carbonate reservoirs of the Ghawar super-giant (the world's largest onshore oilfield), the Safaniya super-giant (the world's largest offshore oilfield), as well as the Khurais oilfield, and the Hawiyah, Haradh and Uthmaniyah gas fields. At Saudi Aramco, Dr. Babalola also developed various software-automation tools for Geosteering and Real-Time monitoring Horizontal wells.

About Dr. Olufemi Babalola

Dr. Babalola is an Integrated Reservoir Modeler & Geophysical Analyst/Interpreter proficient in computer-intensive petroleum exploration and development. He has more than 3 decades of extensive industry and academic experience in Geosciences, Information Technology, Business Development and Management disciplines. His experience over the last 3 decades spans more than 9 countries across 4 continents - Nigeria, the U.S.A., Mexico, Saudi Arabia, the U.K., Ghana, Togo, and Benin, to name a few.  In the petroleum industry, Dr. Babalola has utilized his expertise in Exploration and Production in consulting projects, Software Applications/Workflow Support/Training, 3D & 4D Reservoir Characterization / Modeling, the integration of Reservoir Geosciences & Reservoir Engineering as well as research and applications in the Geosciences, Management Analysis, and Information Technology Management (including Disaster Recovery and Business Continuity).

Dr. Babalola is an expert user/trainer of Landmark Graphics [Halliburton] computer software (with certifications in key applications), and he is proficient with IESX/GeoFrame [Schlumberger/GeoQuest] computer software, as well as several other vendors’ computer software – notably Hampson-Russell, ParadigmGeo, Fugro-Jason, ESRI. Dr. Babalola has executed various projects as an Independent Consultant for various clients including the world’s largest oil company - Saudi Aramco, Halliburton Energy Services/Landmark Graphics, as well as the world’s top multi-national oil companies - ExxonMobil Production, Shell, Agip, BP Exploration, Amoco Production, and Western Atlas E&P. Dr. Babalola has also held academic and research appointments at the Univ. of Texas at Austin, the Univ. of South Carolina, and the Univ. of Houston.

Dr. Babalola has worked on several geological basins and petroleum provinces around the world, including West Texas, offshore Louisiana, Texas Gulf Coast, and Gulf of Mexico of the US, as well as internationally in the offshore Republic of Mexico, offshore Niger Delta fields, Keta basin (onshore Ghana), Lome field (offshore Togo Republic), Seme Field (offshore Benin Republic), and Afowo/Ise grabens, (onshore & offshore southwestern Nigeria. Dr. Babalola has led teams of varying sizes and has been a team member on several successful exploration and development ventures. He is a member of several Geophysical, Geological Scientific, Project Management, Engineering (Petroleum & Industrial) and Computing/Information Technology associations.

Dr. Babalola is married to the former Miss Elizabeth Adebola Babalola, a 30-year veteran of Registered Nursing, currently a Family Nurse Practitioner and proprietor of a combined Home-health care/Hospice-care agency in the Houston metropolitan area. Dr. Babalola is the father of four adult sons, two of whom (Layi and Ayo), are Information Technology professionals, while the younger two (Niran and Lanre), are a Computer Science senior and a Biology/Pre-Med junior respectively, at Stanford University and the University of Texas at Austin. Dr. Babalola holds the royal title of “Obalumo” of Isedo Township (in the Oke-Ila Orangun kingdom, Osun State, Nigeria), a traditional title of the Royal Dynasty of the Founder-King of the circa-10th Century Isedo-Olumo city-state, one of the earliest city-states of the Yoruba of Nigeria, in the region occupied by the  Igbomina sub-group.

Outside his professional practice, Dr. Babalola is interested in World Cultures, Mythology, Ethnic History, World Business Customs, and Business Etiquette.

Other Information Regarding Dr. Babalola:

His educational background includes:

1. Ph.D. Geological Sciences (Geophysical Engineering), Univ. of South Carolina – 1990
2. M.B.A. - Information Systems Concentration, Univ. of Houston - 2003
3. Post-Doctoral Studies in Petroleum /Reservoir Engineering & Industrial Engineering/ Engineering Management, Univ. of Houston – 2001 to 2005
4. Master’s in Geological Sciences (Geophysical Engineering), Univ. of Texas at Austin – 1984
5. B.S. Applied Geophysics (with Second-Major credits in Geology), Univ. of Ife, Ile-Ife, Nigeria – 1976

Among Dr. Babalola’s several major technical and professional accomplishments are:

1. His research-based 1983 and 1987 technical-conference papers predicting high hydrocarbon potential and describing major plays/prospects (from multi-geophysical data integration and thermo-mechanical subsidence/maturation modeling), of the offshore and onshore Niger Delta basin. This has been confirmed in the 1990’s - more than a decade later - by several discoveries, 7 of which have estimated reserves of between several hundred million and 1 billion barrels, each valued (using the 1990’s conservative $25/barrel pricing) at  $1 billion to $25 billion, with total estimated reserves of 6 billion to 12 billion barrels.

1. His geophysical discovery (1984) of the existence and location of multiple triple junctions beneath the onshore Niger Delta basin and his demarcation and detailed mapping (1990) of the oceanic crust beneath the onshore and shallow water Niger Delta basin.

1. His study of the Disaster Recovery (2005) and Business Continuity requirements (2007) for Nigeria’s $25-million National Petroleum Data Repository prompted the inclusion of a Risk Management component and the re-evaluation of the impact of unavailability of the NDR on national objectives.

Dr. Babalola has received several major professional honors including:

1. 2005 “NMGS/Shell Award” - Recipient of the Highest International Award of the Nigerian Mining & Geosciences Society (NMGS) - in recognition of “significant contributions to the field of Earth Sciences on the African Continent through excellence in research”.
2. 1991 Election to Full Membership by Sigma Xi (the American National Honor Society for Scientific Research since 1886 in recognition of a research record judged to be “noteworthy achievement as an original investigator”.
3. 1983 to 1990 Research Grants - Won more than 10 Research Grants from US institutions and organizations.
4. 1982-1990: Research Assistantships - Awarded University Research Assistantships/Research Scientist Assistantships
5. 1980-1997: Fellowships/Scholarships - Won 4 major Fellowships/Scholarships –1980 (Geosciences), 1981 (Geosciences), 1989 (Geosciences), 1997 (Business Administration).

Dr. Babalola has received several major civic honors including:

1. 2004: Appointment by Mayor of Houston Bill White to the City of Houston’s Conventions, Tourism & Entertainment (CTE) Task Force, serving also in the Financial and Tax Work-Group/Sub-Committee.
2. 2003 to Present: Appointment as Faculty Adviser, Univ. of Houston’s Nigerian Students Association
3. 2005 to Present: Chairman of the Board of Directors, The African Coalition USA
4. 2003 to Present: Associate Chairman and Secretary of the Board of Directors, The Nigerian Union USA.

Dr. Babalola is an active volunteer and participates in various civic & community organizations including:

• Boy Scouts of America - Den Leader/Asst. Den Leader, Troop 1616
• Boy Scouts of America - Troop 616 – Parent Volunteer
• Speaker/Presenter - Career/ Career Guidance, Diversity/ International Culture & International Business